Membership to the Corporate Funding Association is open to all corporate groups worldwide (excluding some industries such as banking, insurance and real-estate) with a strong credit profile. If no public rating is available, the applicant will have to provide CFA with a private rating for CFA credit committee sole and confidential use.
The applicant has to be approved by CFA Bank’s credit committee, whose decision relies on the analysis performed by its credit risk department.
If the credit committee gives a negative opinion, the corporate applicant cannot be admitted into membership.
If the credit committee gives a positive opinion, the application is submitted to CFA Holding’s Board of Directors. If the Board of Directors confirms the credit committee’s positive opinion, the applicant is fast-tracked as a Member of CFA. If the Board of Directors does not reach a satisfying consensus, the applicant is long-tracked and its membership is submitted to the Members’ annual general meeting.
A corporate Member downgraded below investment grade is not excluded from CFA. Its credit line remains in place as long as it does not default. Nevertheless, if it is not back to the investment grade category upon maturity of its credit facility, its membership cannot be renewed.